Adelante Capital Management 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
Alexander & Baldwin Inc	COM	014491104	773	63,400	SH		SOLE		8,275	0	55,125
Alexandria Real Estate Equit	COM	015271109	100,943	642,494	SH		SOLE		370,371	0	272,123
American Campus Communities	COM	024835100	16,619	501,256	SH		SOLE		89,729	0	411,527
American Homes 4 Rent	COM	02665T306	32,621	1,257,519	SH		SOLE		728,452	0	529,067
American Tower Corp.	COM	03027X100	54,952	219,646	SH		SOLE		150,088	0	69,558
AvalonBay Communities, Inc.	COM	053484101	56,026	377,191	SH		SOLE		78,391	0	298,800
Boston Properties, Inc.	COM	101121101	53,179	604,981	SH		SOLE		296,354	0	308,627
Camden Property Trust	COM	133131102	66,459	750,149	SH		SOLE		366,458	0	383,691
CoreSite Realty Corp.	COM	21870Q105	10,829	99,463	SH		SOLE		37,341	0	62,122
Cousins Properties, Inc.	COM	222795502	1,399	46,910	SH		SOLE		42,500	0	4,410
Cubesmart	COM	229663109	31,736	1,236,586	SH		SOLE		218,606	0	1,017,980
CyrusOne	COM	23283R100	29,774	409,265	SH		SOLE		133,790	0	275,475
DiamondRock Hospitality	COM	252784301	3,447	623,250	SH		SOLE		618,350	0	4,900
Duke Realty Corporation	COM	264411505	58,664	1,741,480	SH		SOLE		371,696	0	1,369,784
Eastgroup Properties	COM	277276101	22,578	190,355	SH		SOLE		34,255	0	156,100
Equinix Inc.	COM	29444U700	195,188	288,159	SH		SOLE		120,371	0	167,788
Equity Lifestyle Properties	COM	29472R108	66,008	1,095,416	SH		SOLE		515,174	0	580,242
Equity Residential	COM	29476L107	88,928	1,555,786	SH		SOLE		749,328	0	806,458
Essex Property Trust, Inc.	COM	297178105	19,778	90,273	SH		SOLE		89,677	0	596
Extra Space Storage, Inc.	COM	30225T102	81,269	905,812	SH		SOLE		458,222	0	447,590
Healthcare Trust of America	COM	42225P501	40,804	1,590,002	SH		SOLE		759,503	0	830,499
Healthpeak Properties	COM	42250P103	68,123	2,564,879	SH		SOLE		1,016,985	0	1,547,894
Highwoods Properties, Inc.	COM	431284108	29,492	826,082	SH		SOLE		141,979	0	684,103
Hilton, Inc.	COM	43300A203	11,617	166,258	SH		SOLE		38,524	0	127,734
Hudson Pacific Properties	COM	444097109	9,008	358,064	SH		SOLE		358,064	0	0
Invitation Homes Inc	COM	46187W107	56,245	2,114,812	SH		SOLE		1,095,742	0	1,019,070
JBG Smith Properties	COM	46590V100	24,787	856,355	SH		SOLE		501,049	0	355,306
Kilroy Realty	COM	49427F108	51,224	900,588	SH		SOLE		398,883	0	501,705
Kimco Realty Corp.	COM	49446R109	56,020	4,362,912	SH		SOLE		1,725,479	0	2,637,433
Omega Healthcare Investors	COM	681936100	19,046	675,401	SH		SOLE		335,420	0	339,981
Pebblebrook Hotel Trust	COM	70509V100	9,094	665,736	SH		SOLE		665,736	0	0
ProLogis Inc.	COM	74340W103	185,425	2,052,355	SH		SOLE		997,797	0	1,054,558
Retail Opportunity Investmen	COM	76131N101	32,841	3,001,828	SH		SOLE		1,246,223	0	1,755,605
Ryman Hospitality Properties	COM	78377T107	15,060	452,741	SH		SOLE		75,535	0	377,206
Simon Property Group, Inc.	COM	828806109	55,978	844,887	SH		SOLE		361,915	0	482,972
Sun Communities, Inc.	COM	866674104	1,745	12,860	SH		SOLE		11,410	0	1,450
Terreno Realty Corp	COM	88146M101	1,223	23,324	SH		SOLE		21,139	0	2,185
Welltower Inc.	COM	95040Q104	25,644	495,540	SH		SOLE		64,525	0	431,015
Xenia Hotels & Resorts Inc	COM	984017103	10,104	1,129,966	SH		SOLE		228,449	0	901,517